上市公司是我国优秀企业的排头兵，也是资本市场的基石，肩负着创造价值、回报股东、回馈社会的责任，使命光荣任务艰巨。注册制改革试点以来，上市公司数量增长迅速，截至2022年末，我国A股上市公司数量已经达到5,067家。2023年2月18日，中国证监会发布全面实行股票发行注册制165项主要制度规则，标志着我国A股注册制全面展开，资本市场上市公司的供给也将迎来快速增量时期。虽然上市公司作为我国经济结构转型的领跑者的角色将更加凸显，但与此同时，上市公司财务舞弊现象屡禁不止。从蓝田股份被刘姝威600字内参质疑造假，到康得新“千亿白马股”陨落；从5.72亿存货失踪的广州浪奇，到金正大虚增230亿元收入，财务舞弊频发不仅降低了上市公司的信息披露质量、违背了上市公司高质量发展要求，还严重影响了投资者的投资信心、损害了广大股东利益，更破坏了资本市场诚信的基础、干扰了资本市场的长期安全和平稳发展。因此，对上市公司财务舞弊动机认识、舞弊手段的识别以及舞弊的防范和治理成为实务界和理论界面临的一大重要课题。本文结合2010-2022年软件和信息技术行业上市公司财务舞弊特点，以科创板上市公司泽达易盛财务舞弊事件为例，从行业特征、财务特征、公司治理特征和中介机构特征4个方面分析了泽达易盛信息披露的异常之处，分析其舞弊的影响，最后针对监管机构识别和防范财务舞弊提出针对性的建议。
Listed companies are the vanguard of China‘s excellent enterprises and the cornerstone of the capital market. They shoulder the responsibility of creating value, rewarding shareholders and society. They have a glorious mission and arduous tasks. Since the reform of the registration system, the number of listed companies has increased rapidly. By the end of 2022, the number of A-share listed companies in China has reached 5,067. On February 18, 2023, China Security Regulatory Commission issued 165 major rules for the full implementation of the stock issuance registration system, marking A-share registration system officially launched, and the supply of the capital market to listed companies will also enter a period of rapid growth.The role of listed companies as the “leader” of China‘s economic restructuring will become more prominent, however, financial fraud of listed companies continues to be prohibited. From Lan Tian shares questioned by Liu Shuwei‘s 600-word internal reference to the fall of Kang De Xin‘s“100 billion white horse shares”; From Guangzhou Lang Qi with 572 million missing inventory to Jin Zheng Da, inflated revenue has increased by 23 billion yuan. Financial fraud not only reduces listed companies’ information disclosure quality, violates the requirements of high-quality development of listed companies, but also seriously affects the investment confidence of investors, damages the interests of shareholders, and further destroys the foundation of integrity of the capital market, interferes with the long-term safe and stable development of the capital market. Therefore, to recognize financial fraud motivation of listed companies, the identification of fraud means, and the prevention and governance of fraud have become an important issue faced by the practitioners and theorists.Based on the characteristics of listed companies’ financial fraud in the software and information technology industry from 2010 to 2022, taking Ze Da Yi Sheng, a newly listed company on the STAR Market, as an example, this paper analyzed the “anomalies” in its information disclosure from four dimensions: industry characteristics, financial characteristics, corporate governance, and intermediary agency characteristics. Finally, give suggestions for the regulatory authorities to identify and prevent financial fraud.
